how big is a pocket money job before its a small business?

Question by gotspeed1212: how big is a pocket money job before its a small business?
for the last few months i have been doing pc repair for people mostly people i know but a few times a friend of a friend type of stuff. so far its been pretty good making about 2,500 in the last 5 months. i would like to do it as a full time job one day but im a student going to college and still living at home but at what point should i look at making it a “small business” with a true name and so on.

Best answer:

Answer by Christine F

I have a small business that gross 00 for 4 months. I have my own name and federal employee id. The savings for a small business is good for tax purposes. I can claim my business on my taxes and any office space or supplies I buy are deductible. You have to decide if this going to be a long-term business or are you just doing it now as a side job. I repair computers too so I know what you are referring to. I had to change to small business when I took on another business Income Tax Preparation and Computer Repair.

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